Oddbean new post about login | logout The rugpulling will continue until all credit is gone. Bitcoin banks are a cool idea in the transition period, but they won't make it, not even one.
In a Bitcoin standard what happens if I’m 22 and have no capital but what to buy a car. You don’t think leasing or auto loans will exist?
Borrow a friends car, rent a car, save up money to buy a car would all be better options than a high interest loan, no?
Many people need a car to get to work.
is taking a high interest loan the only option though? It ought not be.
In a bitcoin standard world, any interest - any - is high interest. We will have to move fast to make all usury illegal again, or it could cause the return of slavery (I'm sure they'll have a nicer word).
What're your thoughts on how a 22 year old would buy a car or a home, to speak to Alex's rebuttal?
ah now I see above. Savings and prices returning to reasonable vs. hours worked.
Where'd you watch/listen? I have to admit, I haven't listened yet
YouTube.
Thoughts after listening: nostr:nevent1qqs8hycx56rx7l7w6tygn7mlmz3kkztuqyazmtcu6ztgrl4nw572ttqpg3mhxw309anhsmnhv3khzarkw46x2urgwfchvan3v9h82vmwvanryct9w4ex7emcw4hkuarr0fcxy7n6dfn85drsxdmxz7fjw9jzummwd9hkutczyp2l2uak28hlx5wm27cxq8frqgkcc5e0nqjaky99wvlt7wd7f23pkqcyqqqqqqgxugdxq
Unfortunately, we have built our cities in such a way in the US. Bitcoin will force a rethink in urban planning. I'm excited.
Cars will be cheaper relative to hours worked, like they used to be. Measure prices in terms of hours worked - that's what honest economists (I am by training) do. Also, sound money incentivizes competition in terms of quality, so I expect cars will last a lot longer. And 3d printing raises the possibility of printing custom cars on demand, cheaply. It wouldn't be cheap right now, but it will be. In America, its hard for people to imagine living without a car, but in almost any other developed country, its no problem at all to use buses, trains, and cheap taxies (have to say cheap because they aren't cheap here). America will need to learn this magic, but it will be no problem to any other country. You should be glad, Gladstein - credit is the primary means of oppression. We're nuking it.
What did people do before 1971? Work for a summer and then you can buy your car. Much better than having to repay a debt in something that increases in value over time. There will always be financially illiterate people that take on debt to buy consumer goods, but the incentive will be to buy consumer goods out right